First Allied Advisory Services Inc. Purchases 8,672 Shares of Targa Resources Corp (TRGP)
First Allied Advisory Services Inc. lifted its stake in Targa Resources Corp (NYSE:TRGP) by 151.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,415 shares of the pipeline company’s stock after buying an additional 8,672 shares during the period. First Allied Advisory Services Inc.’s holdings in Targa Resources were worth $679,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Van ECK Associates Corp raised its holdings in shares of Targa Resources by 24.0% in the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock worth $122,000 after buying an additional 524 shares in the last quarter. Ffcm LLC raised its holdings in shares of Targa Resources by 237.0% in the 2nd quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock worth $122,000 after buying an additional 1,910 shares in the last quarter. Penserra Capital Management LLC raised its holdings in shares of Targa Resources by 20.6% in the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock worth $192,000 after buying an additional 726 shares in the last quarter. Guyasuta Investment Advisors Inc. acquired a new position in shares of Targa Resources in the 3rd quarter worth approximately $206,000. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of Targa Resources in the 3rd quarter worth approximately $208,000. 87.44% of the stock is owned by institutional investors and hedge funds.
In other Targa Resources news, VP John Richard Klein sold 2,292 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.93% of the stock is currently owned by company insiders.
Shares of Targa Resources Corp (NYSE:TRGP) traded up $0.16 on Wednesday, reaching $46.40. The company’s stock had a trading volume of 2,367,900 shares, compared to its average volume of 1,892,844. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74. Targa Resources Corp has a 52-week low of $39.59 and a 52-week high of $61.83.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were given a $0.91 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $3.64 dividend on an annualized basis and a yield of 7.84%. Targa Resources’s payout ratio is -136.84%.
TRGP has been the subject of a number of recent analyst reports. Jefferies Group reaffirmed a “buy” rating and set a $49.00 price target (down from $50.00) on shares of Targa Resources in a report on Friday, September 1st. Citigroup cut Targa Resources from a “buy” rating to a “neutral” rating and dropped their price target for the company from $54.00 to $52.00 in a report on Tuesday, October 10th. Zacks Investment Research raised Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. TheStreet cut Targa Resources from a “c-” rating to a “d+” rating in a report on Monday, November 13th. Finally, ValuEngine cut Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources has an average rating of “Hold” and a consensus target price of $54.33.
Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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